Additionally, a ₹20,000 crore allocation for innovation and the creation of a dedicated fund for deep tech development aim to bolster India’s startup ecosystem and generate employment opportunities.
On February 1, Finance Minister Nirmala Sitharaman announced plans to establish a new ₹10,000 crore corpus for the Startup India initiative.
She further proposed doubling the credit guarantee for startups from ₹10 crore to ₹20 crore, with the guarantee fee reduced to 1% for loans across 27 key sectors aligned with the government’s vision of a self-reliant India under ‘Aatmanirbhar Bharat.’
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Kant highlighted the
Budget’s emphasis on stimulating consumer demand while maintaining fiscal discipline. He pointed out efforts to balance economic stability with a fiscal deficit target of 4.8% in the revised estimates and 4.4% for the upcoming year.
The Budget prioritises labour-intensive sectors, including tourism, textiles, and footwear, marking a notable shift in focus.
Kant highlighted two significant developments in the budget aimed at promoting private enterprise and enhancing operational efficiency. One key initiative involves increasing the asset monetisation target from ₹6 lakh crore between 2021 and 2024 to ₹10 lakh crore, encouraging government departments to make their assets available for private sector involvement in operations and maintenance.
Additionally, ministries have been directed to prepare a three-year pipeline of Public-Private Partnership (PPP) projects to reduce inefficiencies caused by government control over infrastructure management and foster greater private sector participation.
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